WSJ:

Jean-Francois Palus, Gucci’s new CEO was brought in “to reinvent Gucci as a steadier, more dependable brand less vulnerable to shifts in the fashion cycle. It is an approach that aims to bring its strategy closer to some of its biggest rivals, including Louis Vuitton, Chanel and Hermès.”

Gucci has also opened a series of high-end salons where nothing costs less than $40,000—and some pieces can cost as much as $3 million.